Each year, June 15 – World Elder Abuse Awareness Day (WEAAD) – promotes awareness about elder neglect and abuse.

In the United States, an estimated 1 in 10 adults over the age of 60 experience some form of abuse each year.

Nearly 80% of Social Security beneficiaries are 65 and older, and we want to do what we can to protect them.

Here are 5 ways to help prevent your loved ones and other older adults from becoming victims of abuse:

Learn the signs. Be on the lookout for physical and emotional abuse, as well as signs of financial abuse, neglect, or abandonment. You’ll find more information here.

Prevent isolation. Call or visit your loved ones and check on them regularly. Ask them how they’re doing and if they’re getting the care they need. People who are isolated are more likely to be abused.

Provide information. Make your loved ones aware of resources like community centers, law enforcement agencies, and advocacy organizations that they can turn to if they need help.

Be a friend. Commit to visiting an older person in your community and be a lifeline, if they need one.

Spread the message. Contact local media outlets and neighborhood programs and encourage them to participate in World Elder Abuse Awareness Day.

We are all responsible for ensuring that everyone can age with dignity and live without fear of abuse.

In underserved and tribal communities, which may not have outreach programs, you can be the link between older adults and the resources they need.

For more information on elder abuse prevention, visit www.ncea.acl.gov or call 855-500-3537 (ELDR). Share this message on social media, with friends, family, and local organizations.

There’s no magic number involved—it’s all about timing

So, you’ve got some extra cash on hand. Now you need to decide whether to save it or invest it. Surprisingly, this decision isn’t about how much money you have. Nowadays, with apps offering no transaction fees and low ongoing costs, you don’t need a large sum to start investing.

The key factor is time, not money. Here’s the simple rule: if you need the money within the next three years, save it in a high-yield savings account or a CD. If your goal is more long-term, or you don’t have a specific need for the money, consider investing in something that can grow, like stocks or bonds.

Time matters because it relates to risk. Money in a savings account is safe—you keep your balance, earn interest, and your funds are FDIC insured if the bank fails. Plus, you can access your money anytime without worrying about losses.

Right now, interest rates on high-yield savings accounts, especially from online banks, are pretty good—around 5 to 6% at some places. (These rates will eventually drop, but high-yield accounts will almost always be better than traditional ones.) CDs and money market accounts also have high rates right now, even beating inflation.

Investing could earn you more, but there are no guarantees. For example, the S&P 500 had over 20% returns in 2023 but lost 19% in 2022.

So, how do you choose the best option for your money and goals? There are tons of accounts and financial products out there. We’ve researched options from financial experts on each one and when they’re best to use. Read on to find out more.

Save Money You Need This Month

Your strategy: Saving
The tool you need: Checking account

Option: Put money for your day-to-day spending and bill payments here. This should cover your monthly spending, but not much more. However, avoid cutting it too close to avoid overdraft fees. Even though many banks have reduced these fees, penalties can still occur. Track your budget with a DIY method or a budgeting app and aim to keep at least 25% more than your monthly needs in your account to cover your checks.

Save for Emergencies and Unexpected Costs

Your strategy: Saving
The tool you need: High-yield savings account

Option: Use a savings account for your emergency fund and unexpected costs. These accounts should be liquid so you can easily cover deductibles, unexpected repairs, market downturns, or avoid debt.

Most financial experts suggest having at least three to six months of expenses saved for emergencies, like job loss. To be extra cautious, aim for 12 months given the current economic climate. If your income is unpredictable or you’re nearing retirement, you might want to save even more. Early retirees often keep up to two years of cash handy to avoid market risks. I learned this firsthand, and it really helped.

If retirement is far off, keep a minimum in your savings and invest the rest for long-term growth. Automating your savings is a smart move. Set up part of your paycheck to go directly into a savings account or arrange automatic transfers from your checking account. Money you don’t see is money you don’t spend. Keeping your high-yield savings account at a different bank from your checking can also help separate your savings from your spending.

CDs and Money Market Accounts

Your strategy: Saving
The tool you need: CDs, money market accounts

Option: For goals like buying a house in a couple of years, a CD can be a good choice. CDs lock in your money for a set period, offering a guaranteed rate of return, usually higher than a traditional savings account. You can open a CD online with most banks or investment brokerages. If you’re concerned about accessing your money, consider a CD ladder, which staggers your investments to ensure you have funds maturing regularly.

Money market accounts are another option, offering high interest without locking in your cash. These can be great for transitioning from saving to investing.

Invest for Long-Term Goals

Your strategy: Investing
Tools you need: Brokerage account or robo-advisor

Option: For long-term goals like funding your child’s college education, investing is a good strategy. Start by assessing your risk tolerance. Would you prefer having 100% in cash and seeing the market rise, or 100% in the market and seeing it fall by 29%? Your risk tolerance helps you decide on a portfolio mix, like 60% stocks and 40% bonds.

For young investors, a long-time horizon means short-term fluctuations are less relevant, so investing heavily in stocks might make sense. Most investing, like saving, can be done with a few clicks online. You can buy popular ETFs like VTI (Vanguard Total Stock Market Index Fund ETF) easily. If you’re hesitant about investing on your own, consider robo-advisors or professional advisors, which can offer tailored investment advice based on your financial situation.

Remember to diversify your investments to protect against downturns, spreading your money across different asset classes and sectors.

Invest for Retirement

Your strategy: Investing
The tools you need: 401(k), 403(b), IRA

Option: If you’re working, make sure you’re using an account like a 401(k) or 403(b) to save for retirement. Aim to max out your 401(k) or other workplace plan and at least contribute enough to get your company match.

Consider setting up automatic annual increases for your contributions, usually by 1%. Anything you don’t have to think about will help you save. If your employer matches 4%, save at least 5%—that’s just a day’s lunch money. Over time, you won’t even notice the difference. After a year, think about increasing your savings by 2% or even 3% each year.

If your company doesn’t offer a plan and you have earned income, you can start your own IRA or Roth IRA with an investment firm and contribute up to the yearly IRS limit. There are also options for self-employed retirement accounts with higher limits.

Should You Seek Professional Advice?

While you can go it alone with the advice above, sometimes getting personalized guidance from a professional can be smart. Experts suggest seeking a pro’s help during major life changes (marriage, having a child, etc.), if you want a solid retirement plan, or if you need reassurance that you’re on the right track.

If the stock market is volatile and you’re thinking about making big changes to your investments, a pro can offer valuable advice. A seasoned professional might tell you it’s a great time to maintain and even add to your portfolio to take advantage of lower stock prices. In the end, make the best financial decisions for your situation.

The Taxpayer Bill of Rights is the 10 rights all taxpayers have any time they interact with the IRS. These rights cover a wide range of topics and issues, and they explain what taxpayers can expect if they need to work with the IRS on a tax matter. This includes when a taxpayer files a return, pays taxes, responds to a letter or notice, goes through an audit or appeals an IRS decision.

Taxpayer Bill of Rights
Taxpayers have a right to:

Be Informed – The right to know what to do to comply with the tax laws.

Quality Service – The right to receive prompt, courteous and professional assistance when working with the IRS.

Pay No More than the Correct Amount of Tax – The right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly.

Challenge the IRS’s Position and Be Heard – The right to raise objections and provide additional documentation in response to formal IRS actions or proposed actions.

Appeal an IRS Decision in an Independent Forum – The right to a fair and impartial administrative appeal of most IRS decisions.

Finality – The right to know when the IRS has finished an audit.

Privacy – The right to expect that any IRS inquiry, examination or enforcement action will comply with the law and be no more intrusive than necessary.

Confidentiality – The right to expect that any information taxpayers provide to the IRS will not be disclosed unless authorized by the taxpayer or by law.

Retain Representation – The right to retain an authorized representative of the taxpayer’s choice to represent them when working with the IRS. Taxpayers have the right to seek assistance from a Low Income Taxpayer ClinicPDF if they cannot afford representation.

A Fair and Just Tax System – The right to expect the tax system to consider facts and circumstances that might affect their underlying liabilities, ability to pay or ability to provide information timely.
More Information:
Taxpayer Advocate Service

Knowing the ins and outs can give peace of mind

What is FDIC

Bank failures—like what just happened with Silicon Valley Bank—can be pretty nerve-wracking, making you worry about losing all your savings overnight. But don’t stress too much, because the Federal Deposit Insurance Corp. (FDIC) has got your back.

The FDIC was set up by Congress back in 1933, after a bunch of bank runs contributed to the Great Depression. Its main job is to protect the money of everyday depositors. By guaranteeing that your money is safe, the FDIC helps prevent the kind of panic withdrawals that can even take down healthy banks.

While the FDIC officially insures up to $250,000 per depositor, there are simple and legal ways to increase that coverage so that all your savings are protected.

So, if the news about Silicon Valley Bank—or Signature Bank, which also recently had issues—has you thinking about pulling your money from your bank, take a deep breath and relax. The answer is probably, “no need.”

Read on to find out how the FDIC works and exactly what is covered.

FDIC Insurance coverage limits

For most deposit accounts like checking and savings, the FDIC insurance limit is $250,000. That’s usually enough for most people, but there are a few things to keep in mind.

The $250,000 limit is per bank, per depositor, and per “ownership category.” Ownership categories include single accounts, joint accounts, certain types of trust accounts, corporate accounts, government accounts, and some retirement and benefit accounts.

This setup means you can actually get more than $250,000 in coverage. For example, if you have $250,000 in a savings account at Bank A and another $250,000 in a savings account at Bank B, you’re covered for $500,000 total. But if you have $500,000 split between a checking and a savings account at one bank, only $250,000 is insured.

You can also boost your coverage limits without using multiple banks. For instance, if you have a savings account in your name and a joint account with your spouse, your family is covered up to $750,000. That’s because the FDIC treats joint accounts as a different ownership category from single accounts, insuring them up to $250,000 per depositor.

Here’s another tip to ensure you’re covered: look beyond your bank’s brand name, especially if you have a high-yield savings account or CD.

Many digital banks are actually brands of traditional banks. For example, BrioDirect is the digital brand of Webster Bank, and UFB Direct is a brand of Axos Bank. These digital banks do carry FDIC insurance, but if you have deposits at both the online brand and the physical parent bank, they might fall under the same $250,000 FDIC coverage limit.

If you’re unsure, you can check the FDIC-member bank for your account using the FDIC’s BankFind tool.

Also, be diligent about FDIC insurance if you keep money with a nonbank fintech company. Many of these neobanks partner with FDIC-member banks for deposit coverage, but the FDIC advises caution. Make sure you understand the terms of how, when, and where your money is insured through the firm’s FDIC-member bank partner.

Keep reading to learn how the FDIC works and what it covers.

What does FDIC insurance cover?

FDIC insurance covers everyday bank accounts like checking and savings accounts, whether they earn interest or not. It also covers other types of deposit products, including money market deposit accounts and CDs.

However, FDIC insurance doesn’t cover everything. It does not protect stocks, bonds (including municipal bonds), mutual funds, life insurance, annuities, or crypto assets, though these might be covered by other types of insurance. It also doesn’t cover U.S. Treasurys, but these are backed by the U.S. government, making them a safe investment.

Here’s a quick rundown:

Are money market accounts FDIC insured?

Yes, FDIC insurance includes money market deposit accounts, but it doesn’t cover money market mutual funds, which you buy through a broker.

Are CDs FDIC insured?

Yes, certificates of deposit (CDs) are FDIC insured, up to the coverage limits. The exception is brokered CDs, which are bought through brokers and aren’t covered by FDIC insurance.

Are credit unions FDIC insured?

No, FDIC insurance doesn’t cover credit unions. Instead, credit union deposits are insured by the National Credit Union Administration (NCUA), which offers the same $250,000 coverage per depositor.

From a customer perspective, NCUA insurance is just like FDIC insurance. If you bank with an NCUA member institution, you automatically get NCUA insurance coverage, just like with FDIC member banks.

Are brokerage accounts FDIC insured?

No, brokerage accounts aren’t covered by FDIC insurance. Investment products like stocks, bonds (including municipal bonds), and mutual funds are not protected. If your brokerage account loses value, that’s a risk you take as an investor.

However, there’s some protection through the Securities Investor Protection Corporation (SIPC), an independent organization for broker-dealers. If your brokerage account is with an SIPC-member company and it fails, SIPC covers lost cash and securities up to $500,000 per customer, per institution, including a $250,000 limit for cash. This limit applies even if you have multiple accounts with the same brokerage.

Are crypto exchange accounts FDIC insured?

No, crypto exchange accounts are not FDIC insured. The FDIC doesn’t cover nonbank assets, including cryptocurrency. It also doesn’t protect against losses from fraud or theft.

The crypto market operates in a regulatory gray area, so you don’t get the same protection as you would with cash in a bank or credit union. Cryptocurrency exchanges, brokers, custodians, and wallet providers are all outside the FDIC’s supervision and coverage.

Back in 1966, a trailblazer named Dr. Maulana Karenga dreamt up Kwanzaa. A professor and activist, he aimed to create a celebration that rekindled the flame of African heritage within the hearts of the African American community. And voila, Kwanzaa was born! The name itself comes from Swahili, meaning “first fruits” (matundaya kwanza).

Now, let’s unwrap the seven principles, the heart and soul of Kwanzaa – Unity (Umoja), Self-Determination (Kujichagulia), Collective Work and Responsibility (Ujima), Cooperative Economics (Ujamaa), Purpose (Nia), Creativity (Kuumba), and Faith (Imani). These principles aren’t just fancy words; they’re a roadmap to infuse our lives with meaning, connection, and a sprinkle of love.

Fast forward to 2023, and the impact of Kwanzaa is like a ripple of positivity. In a world buzzing with chaos, Kwanzaa nudges us to stand together, to champion our uniqueness, and to take responsibility for our collective wellbeing. It’s a reminder to be the architects of our dreams, to channel our creativity, and to nurture unwavering faith.

So, from the Minding My Business Family to you, Happy Kwanzaa! Let’s light those candles together, embracing the warmth of unity. As we journey through the principles, let’s be inspired by the spirit of Kwanzaa to create a world where purpose flourishes, creativity blooms, and faith lights our way. Here’s to standing united – not just during Kwanzaa but every day. Cheers to a season of joy, connection, and the beautiful tapestry we weave together.  (Kwanzaa Celebration: December 26, 2023-January 1, 2024).

DJ Ran had something special and approached Against All Odds, retail chain (United States) store’s management team with a proposal in 1998, that allowed him to DJ in the store free of charge for one year with the promise to review the impact of his presence and the potential increase in sales. After a year, the comparison was made, and it was discovered that sales had increased by 30% and Against All Odds chain store hired DJ Ran as their marketing director. DJ Ran worked all the locations and ultimately assisted the owner to expand his retail chain from 3 stores to 60 locations worldwide. DJ Ran toured the country displaying his mixes and artistry.  Against All Odds had stores in the following states: New Jersey, New York, Connecticut, Virginia, Pennsylvania, Arizona, and California, needless to say DJ Ran was a fixture in them all.  DJ Ran has also performed internationally at destination weddings in St. Lucia, Jamaica, Mexico, and St. Martin.  

In 2013, He was also the 107.5 WBLS Harlem Week DJ Competition Finalist and is now one of the WBLS featured Holiday Mix Masters for this accomplishment for the past 8 years. Additionally, he is also a member of Explore Talent Casting Agency where he is available for movies, videos, tv ads & tv commercials. DJ Ran is an accomplished hyphenated artist, like all art there are different techniques, and DJ Ran’s technique are one that the world should take notice of.

In 2018, DJ Ran left Against All Odds to pursue his own career, as the CEO of “DeeJayRan Entertainment, LLC”, where he specializes in luxury and destination weddings, proms, fundraisers, corporate events, and mobile gigs.  He hosts high end parties and social gatherings for Actors and Actress such as Darren Henson of “Soul Food” and “Stomp the Yard” Mi Mi of VH1 (Love and Hip Hop of Atlanta), comedian Michael Blackson and Queen Latifah, etc.

His most rewarding work is when he gives back to the community and supports the youth.  He has been found providing his DJ expertise to events and fundraisers to many nonprofit organizations, to name a few: Newark Boys and Girls Club, Broadway Unit, Newark, NJ for 7 years and the East Orange Police Athletic League, also in New Jersey for 5 years.  One of his most memorable moments is when he DJed for a formal Black and White Ball held by the East Orange Police Athletic League, what an event.  You can also find him lending his skills to the NJ Bulldogs and AAU Basketball Organization to help keep the youth engaged and enjoying themselves.  DJ Ran is all about our youth and providing them with a healthy and safe environment to be entertained.

A new star is on the rise and there’s no doubt that he has the potential to achieve his goal to become one of the world’s most notarized DJs.  DJ Ran is not an artist lacking focus or desire. DJ Ran knows what he wants and believes that it’s only a matter of time before he shares his musical talents with the world.

DJ Ran can be reached on all social media platforms @DeeJayRan or on (973) 220-5488.

Shanell Toomer – “A Rose that Grew from Concrete.” Simply put….Shanell is Amazing and we celebrate you!

Shanell Toomer is the “Rose that Grew from Concrete.”  She was raised in Irvington, NJ with 2 parents with substance abuse challenges, in a community impacted by poverty, violence and crime.  She successfully navigated through life due to her strong faith in God and individuals placed in her life that encouraged her to persevere.  Shanell graduated from Essex County College in 2013 with a degree in Human and Social Services.  She continued her education at Rutgers University, graduating with her bachelor’s degree in Social Work with a minor in Psychology in 2015 and enrolled in the Advance Standing Master’s in Social Work program and graduated with a master’s degree in Clinical Social Work (concentration Children and Families) in 2016.  Shanell is currently a Professor at Rutgers University, Newark, NJ, where she teaches future social workers the skills necessary to be change agents in their community.  Shanell is also a school social worker.

Shanell Toomer is an advocate and change agent for youth in Essex and Hudson Counties. Shanell is a Director of Youth programs at the Newark YMCA where she assisted in the creation of a program that provides life skills mentoring, and activities for juvenile justice involved youth. This afterschool program focused on reducing recidivism, engaging at risk youth, and promoting healthy lifestyles with youth ages 13-17.  Shanell participates in the interruption of violence in Hudson County as an active member of team of individuals that meet with gang leaders and create a safe space to have meaningful discussions that lead to the elimination of violence in the community.

Shanell also supervises a youth shelter that provides hope, love, and support to teens that are victims of trauma, Division of Child Protection and Permanency (DCP&P) involved, homeless, and who have run away from home. Shanell continues to make strides in her community via her Non-profit organization (Health and Wellness Empowerment Program) which provides supportive services to at risk youth in need. Shanell continues to be a positive force by helping youth and their families navigate the ups and downs of living in a neighborhood impacted by social inequity and traumatic experiences. Shanell also serves as a community advocate, grant writer, researcher, grief counselor and community leader. Shanell attends church at New Psalmist Worship Center in Newark, NJ

Shanell enjoys painting, listening to music and being with family. Her future goals are to continue advocating and be a community leader fighting for Social Justice and Systemic Change. Her Story is Our Story!

Spilling Black Tea Blog is the freshest buzz on the block, and we’re here to shake things up! Nestled in the heart of the Minding My Business Website, this is where dreams get a kickstart. We’re on a mission to fire up your future. Dive into online financial education that’ll make you the boss of your money. Explore the vibrant tapestry of the African American culture, because let’s face it, we are layered. You will discover the art of culinary magic, sip on mixology marvels created by your hands, and indulge in scrumptious treats. Oh, and don’t forget the treasure trove of online courses and cultural gems. So come on in, the door is always open and the tea is always hot! This is where life transforms into an epic adventure!

Spilling Black Tea Blog is a space where we discuss all things black in the black community. We celebrate our leaders, culture, the arts, inspiration, health and wellness, current events and of course building wealth. We are hopeful that this space inform, inspire and empower a community of achievers and leaders.  So come join us as we offer a little honey with that Spilled Black Tea.

Our history is rich with heroes, both well-known and unsung. We remember Sojourner Truth, the fearless abolitionist and women’s rights activist who challenged the status quo. We honor Emmett Till, whose tragic death ignited the Civil Rights Movement. Thurgood Marshall, the first African American Supreme Court Justice, and Harriet Tubman, the “Moses” who led countless slaves to freedom, are eternally etched in our hearts. Fannie Lou Hamer, a voting rights champion, reminds us that we have the power to change the world through activism.

But let’s not forget our modern heroes who continue to make a difference today. Their contributions deserve recognition and celebration. We shout their names proudly and give them their flowers now: Angela Davis, Bryan Stevenson, Ava DuVernay, and countless others who fight for justice, equality, and change.

In remembering our heroes, we must also remember those who lost their lives due to racial injustice. We say their names and keep saying them: Breonna Taylor, George Floyd, Ahmaud Arbery, and too many more. Their lives mattered, and their stories fuel our determination to bring about change.

Our impact on this nation is undeniable. From music that has shaped the world to scientific breakthroughs and innovations that have revolutionized industries, our contributions are woven into the very fabric of this country. We make history daily, and our legacy is too vast to be confined to the shortest month of the year.

At Minding My Business, we choose to celebrate Black history 365 days a year because we recognize that our story is one of limitless potential and enduring strength. We are the beacon of hope, resilience, and courage. We refuse to be silenced or sidelined because we are a resilient, powerful, and unbreakable race of people.

As we honor Black History Month, let us remember that our history is not just in the past; it is alive and thriving today. We celebrate our history, our heroes, and our legacy. We stand strong, unwavering in our commitment to creating a more just and equitable future for all.

SGT. ERICA JOHNSON

Sgt. Erica Johnson #2583 is a twenty-two (22) year veteran of the Prince George’s County Police Department. She was raised and educated in the City of Baltimore where she earned her Associates of Arts Degree in Paralegal Studies. Sgt. Erica Johnson became interested in police work after working as a clerk with the District Court of Baltimore. She later became a Community Service Officer (CSO) with the Baltimore City Police Department, Western, District.

Sgt. Erica Johnson relocated to Prince George’s County, Maryland after she accepted the position of police officer with the Prince George’s County Police Department.

During her 22-year tenure, Sgt. Erica Johnson has had the opportunity to work in several capacities, Patrol, School Resource Officer, Special Crimes Detective (Sexual Assault and Child Abuse Units), Media Relations and Patrol Supervisor. Her most rewarding position has been her current duty assignment in the Training and Education Division. This position has allowed her to oversee the Citizen’s Police Academy. Since 2014, Sgt. Erica Johnson has graduated over 500 citizens from the program. The Citizens Police Academy has allowed her to bridge the gap between Police and Community. She has been able to create strong allies for not only for Prince George’s County Police Officers but for officers all over. She is very adamant about dispelling myths about the police department and how it operates. The union she has created between police and community has also set an atmosphere where our citizens are not afraid to speak to the police. This is an accomplishment that Sgt. Erica Johnson is very proud of and honored to be a part of.

By: Minding My Business

February 21, 2022